Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Clients are fulsome in their praise for the capital markets practice at Sidley Austin. “In general, I find the firm to be practical and commercial in taking directions and responding to requirements,” says one.

In a highlight transaction, Sidley’s team advised ICBC as placement agent and joint bookrunner on the US$70 billion offering of common and preferred shares by Brazilian state-owned oil company Petroleo Brasiliero (Petrobras).

In November 2010, Sidley Austin’s team was bolstered by the addition of partner Joseph Chan to its Shanghai office. Chan brings a history of working with companies in both the private equity and M&A arenas. For example, he recently advised clean tech-focused Global Environment Fund in connection with its US$60 million private equity investment in a leading wind farm developer in the PRC.

Over the past year, Sidley’s China offices have represented clients on a number of high-profile transactions. In one such deal, partner Tang Zhengyu advised Akzo Nobel on US$500 million-worth of major greenfield investments in China, which involved M&A and JV/WFOE restructuring elements.

Partner Yang Chen has also led on several life sciences deals, including advising a leading global healthcare and pharmaceutical company in establishing its China vaccine manufacturing base. The M&A team also represented a global life sciences and healthcare group in acquiring a company that distributes dermatological products in greater China.

The Hong Kong practice at Sidley Austin is strong for both debt and equity capital markets work. Because Sidley’s partners are well versed in Hong Kong, US and English law, the firm has the ability to advise on Hong Kong and overseas listings.

Clients have high praise for capital markets partner Constance Choi. One client says: “Constance is particularly good with urgent advice. If we need to reach her on Saturday, she can give advice right away in both English and Chinese. The team is all very timely and approachable.”

Another client comments on Sidley’s capacity for relationship building: “The firm always tries to build a long term relationship with us. It is always very good and gives sufficient attention to our deals.”

Leading partners Choy and Alex Lloyd recently represented ICBCI as placement agent and joint bookrunner for the US$70 billion offering of common and preferred shares by Petroleo Brasiliero (Petrobras).

The M&A team at Sidley Austin is often seen on cross border deals, and has a pipeline of mandates from its leading fund formation and capital markets practice. One client notes: “I strongly prefer working with Sidley over other firms in China, and I would certainly recommend the pratice. We work with it on general corporate matters and joint venture work in China, as well as certain commercial agreements. It is always very responsive and detailed.”

In 2010, partner Constance Choy advised China New Network in its proposed HK$4.98 billion (US$639 million) placing and acquisition of the whole of the equity interest in Leading Match Holdings from Wealth Grange Holdings.